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Our politicians and media are gaslighting us – Stagflation is here, caused by their insane policies

21st Century Wire says….

Ever since the air of insanity of the global pseudo-pandemic began to subside in the autumn of 2021, western politicians – especially the authoritarian fanatics holding court in places like the US, UK, Canada, EU, Australia and New Zealand – have been busy gaslighting their citizens 24/7, in their desperate attempt to distract everyone from the impending economic disaster that was already building.

The initial signs were unmistakable to any honest pundit: a rapid uptick in inflation last fall, propelled by two consecutive years of out-of-control quantitative easing (aka printing money like there was no tomorrow) supposedly to save us all from a seasonal flu virus, but also driven by hyperinflationary trends in the natural gas and energy markets, as EU governments (egged on by Washington) began putting the squeeze on Russian gas and oil supplies to Europe, and combined with postmodernist green energy diktats being enforced on both sides of the Atlantic, all of which gave Enronist energy speculators plenty of ammunition to drive-up energy prices on market exchanges. Remember, this all began popping way before Russia’s military intervention in Ukraine. That said, after the Russian invasion began in late February 2022, and the collective West imposed a global financial embargo on Russia, the global economy went into terminal decline, including serious disruptions to essential agriculture and food supplies worldwide.

Remember, everything we’ve just mentioned was a direct result of deliberate western government policy decisions, and not because of a virus, or Vladimir Putin. Despite this obvious fact, the western mainstream media and political establishment are desperately trying to cover their tracks and insist that our economy is tanking because of “Covid and Putin.”

And now the real nightmare has manifested: stagflation – a deadly combination of an economic recession, high unemployment, and massive inflation. This includes successive stock market crashes, like the one we are seeing right now.

The collapse has just begun, and as we’ve yet to see any honest acknowledgement from our government leaders of their personal responsibility for this disaster, we should expect that the pain will continue for the foreseeable future.

Never forget who is really responsible.

Glenn Reynolds at the NY Post writes…

First we were told inflation was imaginary. Then we were told it was “transitory,” the result of COVID-inflicted supply-chain problems. Then we were told it was Russian President Vladimir Putin’s fault. 

Now people are starting to admit the massive runaway spending of the Biden era has something to do with it. But we’re also facing stagflation, a mixture of inflation and slow growth, and the government also plays a role in turning inflation into stagflation.

As Milton Friedman famously warned, inflation is always and everywhere a monetary phenomenon. When the government pumps the economy up with excess dollars — something usually referred to as “printing money,” though a too-literal USA Today fact-checker hastened to assure us that much of the money created isn’t actually printed on paper — inflation results. When you have more money in the system than goods, the price of goods goes up. That’s inflation, and it’s what’s happening now.

We’re seeing it everywhere, from soaring food and gasoline costs to a housing “bubble” that looks more like inflationary pricing to increases in rents and automobile prices and just about everything else. The latest figures, meanwhile, show that the economy shrank 1.4% last quarter, making it the worst since the pandemic’s start; economists had expected 1.1% growth.

There are two ways to address inflation: Remove some of the money from the system, which the Federal Reserve did in the past via higher interest rates, and increase the supply of goods. At this point in 1980, when inflation soared, the federal funds rate was nearly 20%. Presently, it’s 0.33%.

In the Carter era, we saw not only runaway inflation but stagflation. People normally associate inflation with an overheated economy, but the sluggish Carter economy was not even close to running hot. We had economic stagnation and inflation, which led to the coinage of the term “stagflation.”

Now we’re seeing the same thing. And I suspect the reason is the same…

Continue this story at NT Post

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